Housing Could Help Boost Stocks: Link

As Americans feel better about housing, other stocks in the food chain could benefit, TheStreet CIO Stephanie Link said Thursday.

"On the weakness, we've been buying, and I think when you get data like we did today in housing again confirming that we're still in very early innings," she said. "That means that earnings revisions and the food chain of housing, financials, even the consumer as they feel better about home prices, all of that, those numbers also can eventually go higher."

Home construction starts surged 12 percent in December for the strongest year-end since 2008, and initial unemployment claims fell to a January 2008 low.

On "Fast Money," Link expected some near-term rockiness.

"I think it's going to be volatile between now, earnings and the debt ceiling discussion," she said.

Joe Terranova of Virtus Investment Parnters remained bullish.

(Watch: Big Drop in Jobless Claims; Housing Starts Up 12.1 Percent)

"In a normal environment for markets that continue to appreciate, calm is good," he said, noting that the VIX trading around the 13 level, a Spanish bond auction that performed well and financials leading the market.

"What's working is going to continue to work," he added. "It's boring. It's a benign tape, but it's a good tape. Stay with it."

Trader disclosure: On Jan. 17, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long GS CALLS SPREADS; Jon Najarian is long INTC CALLS; Jon Najarian is long EBAY CALLS; Jon Najarian is long NFLX PUTS; Jon Najarian is long AMRN CALLS; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long MMM; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long SWN; Joe Terranova is long XOM; Joe Terranova is long KRE; Joe Terranova is long DELL FEB 13 CALLS; Stephanie link is long AAPL; Stephanie link is long GS; Stephanie link is long WFC; Stephanie link is long BRCM; Simon Baker is funds long AAPL; Simon Baker is funds long CELG; Simon Baker is funds long XLY; Simon Baker is funds long GS; Simon Baker is funds long GOOG; Simon Baker is funds long XLU; Simon Baker is funds long AMRN; Simon Baker is funds long WFC